85% of all ankle sprains are lateral ankle sprains (LASs), the most prevalent lower extremity injury in both the general and athletic populations. Mismanagement of lateral ankle sprains can result in chronic ankle instability and increase the likelihood of re-injury. This article provides a comprehensive overview of lateral ankle sprains, including relevant anatomy, injury mechanism of injury, and symptoms. There is a description of evaluation techniques and methods, including subjective history taking, observation, palpation, and special tests. In the acute phase, common treatment options such as the POLICE protocol (protection, optimal loading, ice, compression, and elevation) are recommended. Rehabilitation regimens that include therapeutic exercises focusing on range of motion, flexibility, strength, and proprioception are crucial for a successful return to activity and reducing the risk of re-injury. Also discussed are injury prevention techniques such as external taping, bracing, and orthotics. Healthcare professionals must comprehend the pathophysiology and appropriate treatment of lateral ankle injuries in order to provide optimal care and prevent long-term complications.